Illinois Compiled Statutes 40 ILCS 5/9-134.2 – Early retirement incentives
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(a) To be eligible for the benefits provided in this Section, a person must:
(1) be a current contributing member of this Fund
(1) be a current contributing member of this Fund
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who, on May 1, 1992 and within 30 days prior to the date of retirement, is (i) in active payroll status in a position of employment under this Article, or (ii) receiving disability benefits under Section 9-156 or 9-157;
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(2) have not previously retired under this Article;
(3) file with the Board before May 1, 1993, a written
Terms Used In Illinois Compiled Statutes 40 ILCS 5/9-134.2
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- County board: means the board of county commissioners in counties not under township organization, and the board of supervisors in counties under township organization, and the board of commissioners of Cook County. See Illinois Compiled Statutes 5 ILCS 70/1.07
(3) file with the Board before May 1, 1993, a written
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application requesting the benefits provided in this Section;
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(4) elect to retire under this Section on or after
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December 1, 1992 and on or before May 29, 1993 (or the date established under subsection (c), if applicable);
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(5) have attained age 55 on or before the date of
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retirement; and
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(6) have at least 10 years of creditable service
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under this Fund or any of the participating systems under the Retirement Systems Reciprocal Act by the effective date of the retirement annuity.
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(b) An employee who qualifies for the benefits provided under this Section shall be entitled to the following:
(1) The employee’s retirement annuity, as calculated
(1) The employee’s retirement annuity, as calculated
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under the other provisions of this Article, shall be increased at the time of retirement by an amount equal to 1% of the employee’s average annual salary for the highest 4 consecutive years within the last 10 years of service, multiplied by the employee’s number of years of service credit in this Fund up to a maximum of 10 years; except that the total retirement annuity, including any additional benefits elected under Section 9-121.6 or 9-179.3, shall not exceed 80% of that highest average annual salary.
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(2) If the employee’s retirement annuity is
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calculated under Section 9-134, the employee shall not be subject to the reduction in retirement annuity because of retirement below age 60 that is otherwise required under that Section.
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(c) In the case of an employee whose immediate retirement could jeopardize public safety or create hardship for the employer, the deadline for retirement provided in subdivision (a)(4) of this Section may be extended to a specified date, no later than November 30, 1993, by the employee’s department head, with the approval of the President of the County Board. In the case of an employee who is not employed by a department of the County, the employee’s “department head”, for the purposes of this Section, shall be a person designated by the President of the County Board.
(d) Notwithstanding Section 9-161, an annuitant who reenters service under this Article after receiving a retirement annuity based on benefits provided under this Section thereby forfeits the right to continue to receive those benefits, and shall have his or her retirement annuity recalculated without the benefits provided in this Section.
(d) Notwithstanding Section 9-161, an annuitant who reenters service under this Article after receiving a retirement annuity based on benefits provided under this Section thereby forfeits the right to continue to receive those benefits, and shall have his or her retirement annuity recalculated without the benefits provided in this Section.